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HomeMy Public PortalAbout3272-1977 - AUTHORIZING COMPLETION AND PROVIDING ADDITIONAL FACILITIES FOR THE CONVENIENCE STORE DISTRIBUTING COMPANY PROJECTORDINANCE NO. 3272 - 1977 AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE COMPLETION AND THE PROVIDING OF ADDITIONAL FACILITIES FOR THE CONVENIENCE STORE DISTRIBUTING COMPANY PROJECT, AN ECONOMIC DEVELOPMENT FACILITY, THE ISSUANCE AND SALE OF ADDITIONAL PARITY REVENUE BONDS TO PAY THE COST THEREOF, AND THE APPROVAL OF THE AMENDMENT TO THE LEASE AGREEMENT AND SUPPLEMENTAL INDENTURE TO THE MORTGAGE AND INDENTURE OF TRUST, AND OTHER MATTERS RELATING THERETO. WHEREAS, the Common Council of the City of Richmond, Indiana by Ordinance No. 3088-1976, on file in the office of the Clerk of the City of Richmond, Indiana, the Municipal Building, Richmond, Indiana in Book page 428, authorized the City to issue its Economic Development First Mortgage Revenue Bonds (Convenience Store Distributing Company) in the total principal amount of Nine Hundred Eighty Thousand Dollars ($980,000.00) (hereinafter referred to as "Series 1976 Bonds") for the purpose of procuring funds to pay the cost of acquiring economic devel- opment facilities to be leased to the Convenience Store Distributing Company (hereinafter referred to as "The Convenience Store Distributing Company Project") approving the form of Lease Agreement (hereinafter referred to as "Lease") and Mortgage and Indenture of Trust, (hereinafter referred to as "Indenture") which were incorporated in said Ordinance by reference; and, WHEREAS, the City did issue, sell and deliver Nine Hundred Eighty Thousand Dollars ($980,000.00) of the Series 1976 Bonds on June 28, 1976; and, WHEREAS, the Richmond Economic Development Commission adopted a Resolution October, 1977, approving the financing to complete and provide additional facilities for the Convenience Store Distributing Company Project, and approving a form of Ordinance, Amendment To Lease Agreement Supplemental Indenture To Mortgage and Indenture of Trust, the Consent of Bondholders, and related documents, and finding that the proposed financing complies with the purposes and provisions of I.C. 18- 6-4.5-1 through 18-6-4.5-29, inclusive; and, WHEREAS, said Resolution was presented to the Clerk for presenta- tion to the Common Council of the City of Richmond and was so presented. NOW THEREFORE, BE IT ORDAINED, by the Common Council of the City of Richmond, Indiana. SECTION 1. It is hereby found that the financing to complete and provide additional facilities for the Convenience Store Distributing Company Project referred to in the Amendment to Lease Agreement and Supplemental Indenture to Mortgage and Indenture of Trust, previously approved by the Economic Development Commission and presented to the Common Council complies with the purposes and provisions of I.C. 18-6- 4.5-1 through 18-6-4.5-29, inclusive, and will be of benefit to the health or welfare of the City of Richmond. SECTION 2. The forms of the Amendment to Lease Agreement Supple- mental Indenture To Mortgage and Indenture of Trust and Consent of Bondholders approved by the Richmond Economic Development Commission are hereby approved and all such documents collectively should be considered the "Financing Agreement" referred to in I.C. 18-6-4.5-1 through 18-6- 4.5-29, inclusive. Such documents shall be incorporated herein by reference and shall be inserted in the Minutes of the Common Council kept on file by the Clerk. SECTION 3. The City of Richmond shall issue its Economic Devel- opment First Mortgage Revenue Bonds, Series 1977 (Convenience Store Distributing Company) in the total principal amount of One Hundred Sixty Thousand Dollars ($160,000.00) for the purpose of procuring funds to pay the cost of completing and providing additional facilities for the Convenience Store Distributing Company Project, as more particularly set out in the Supplemental Indenture and the Amendment to Lease Agreement incorporated herein by reference, which Bonds will be payable as principal and interest solely from the rentals, revenues and other income realized under the Lease, as amended or as otherwise provided in the above described Indenture, as supplemented. SECTION 4. The Mayor and the Clerk are authorized and directed to execute the documents approved herein on behalf of the City of Richmond and any other documents which may be necessary or desirable to complete the transaction, including the Series 1977 Bonds authorized herein. The Clerk of the City of Richmond is authorized to arrange for the delivery of the Series 1977 Bonds to the purchasers thereof, payment for which shall be made to the Trustee named in the Indenture. SECTION 5. The provisions of this Ordinance and the Indenture securing the Series 1976 and the Series 1977 Bonds shall constitute a contract between the City of Richmond and the holders of the Economic Development First Mortgage Revenue Bonds, Series 1976 and Series 1977 (Convenience Store Distributing Company) and after the issuance of the Series 1977 Bonds, this Ordinance shall not be repealed or amended in any .respect which would adversely affect the rights of the Series 1976 and Series 1977 bondholders so long as any of said Bonds or the interest thereon remain unpaid. ADOPTED by the Common Council of the City of Richmond, Indiana this day of _ 1977. Pre;' Ant of Common Council 1 ATTEST: O Cit Clerk PRESENTED to the Mayor of the City of Richmond, Indiana this day of 1977. City e k APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond, Indiana this / -7k4day of , 1977. Mayor ATTEST: City C e STATE OF INDIANA ) SS: COUNTY OF WAYNE ) I, Jo Ellen Trimble, the duly elected, qualified and acting Clerk of the City of Richmond, Indiana, hereby certify that the form of Amendment to Lease Agreement and Supplemental Indenture to Mortgage and Indenture of Trust attached to and incorporated in the foregoing ordinance approving the same is in the exact form as the executed Amendment to Lease Agreement and Supplemental Indenture to Mortgage and Indenture of Trust. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the ty of Richmond, Indiana, this ,, ry 6 day of corporate seal of the Ci 1977. Jo El'e Trimble, Clerk E fQ ,